Minister of State at the Department of Finance Simon Harris, Finance Minister Michael Noonan, NAMA Chairman Frank Daly, Public Expenditure Minister Brendan Howlin and Brendan McDonagh, NAMA Chief Executive were present for the announcement.
NAMA is to invest €7.5 billion in a commercial and residential development programme. It announced details of a major project that aims to create almost 3.8 million square feet of new commercial space in Dublin Docklands and 20,000 new homes in Dublin and other areas of strong demand.
The residential programme will require total funding of €5.6 billion with peak funding expected to be €1.8 billion. The proceeds from the sale of completed projects will be recycled to fund new commercially viable projects.
The Docklands development programme will require total funding of €1.9 billion with peak funding up to €500 million. This includes a €170 million funding plan for the Boland’s Quay offices, apartments and shops.